The Chase Ink Business Premier℠ credit card has been launched on Tuesday, providing small-sized business owners the opportunity to earn 5 percent cash back on purchases made with the card.
If you're a smaller company owner, getting discounts on purchases with credit reward cards could be a huge aid to your companyparticularly if you don't have a lengthy list of categories to track. Additionally, this card is a quite different from other credit cards. It aims to offer your business more flexibility when it comes to purchasing.
Here's everything you need to be aware of regarding the card.
Chase Ink Business Premier announcement
The new card provides solid credit-card options and financing options for small-scale businesses. The applications for Ink Business Premier are currently only accessible only to Chase for Business customers that already have a Business Relationship Manager beginning on December. 14th, 2021 with plans for a wider launch by the beginning of 2022.
The primary feature on the credit card which caught our attention is the offer to sign up which is beneficial to almost every business owner. You'll be eligible for 1,000 cashback after you've spent $10,000 on purchases within the first 3 months after the account's opening. The best part is that this offer to sign up may not be considered income tax-deductible.
You should not overspend to get a welcome reward however, if have some major purchase coming up that are related to your business, this could be an excellent opportunity to earn cashback and the possibility of a huge $1,000 bonus.
In conjunction with the initial bonus, the benefits offered by this Chase Ink Premier Credit Card are:
- Cash back up to 2% on all purchases that are eligible
- Unlimited 2.5 percent cash rebate on purchases that are eligible for $5,000 or more
- Unlimited cash-back of 5% for travel booked by Chase Ultimate Rewards®
- Employee cards are provided at no extra cost
- It's made of steel and is one of only a handful of Chase corporate credit cards not to be plastic
- Protection for cell phones with a maximum of $1,000 per claim. the maximum of 3 claims per year.
- Comprehensive travel insurance
- Rental car insurance
The cash earned on your card can be cashed or used through Chase's Chase Shopping Portal, which includes for purchases made on travel. The cash back cannot be converted in Chase Ultimate Rewards® points which you can transfer to travel partners from Chase regardless of have a valid Sapphire credit card.
However, the primary draw for small business owners ought to be the flexibility in spending that the card gives. It marks the only Business credit card from Chase that offers "Pay in Full," that is similar to a similar model that is a charge card. Cardholders must pay their balance in full every month, but in exchange you will enjoy greater spending capacity. But this isn't it's an "unlimited charge card" as there are limitations on the amount you can spend.
In addition, if you're not capable of paying in full every monthly, Chase is offering"Flex For Business', that allows you to make repayments flexible. This option allows a portion of the credit limit to be allocated to purchases you're planning to pay in installments and with interest.
Remember that the credit card is subject to a high annual cost of $195. However, if you are a small-sized business owner, you are entitled to claim this expense on your annual tax return as an expense for business.
If you're not keen on the annual fees, Chase Ink has a couple of options that do not charge that include The Ink Business Cash® Credit Card as well as the Ink Business Unlimited® Credit Card. It is the Ink Business Unlimited® Credit Card provides 1.5 percent cash return on all purchases that are eligible which is close to the rate of that of the Business Premier. After taking into account the annual cost of $195 and the annual fee of $195, you'll begin to come up with cash-back rewards compared to those on the Ink Business Unlimited after spending $36,000 annually on eligible purchases.
The reasons to consider a small-business cash back credit card
A small-sized company credit card that offers cash back on purchases is a fantastic instrument to support your company. It doesn't matter if you are buying supplies such as client gifts and company travel or even gifts for employees, a small-sized business credit card could provide an array of flexibility and help organize business expenses.
Here's a short list of ways the use of a Cash-back credit card will benefit your company:
- Reinvesting the profits:Some business owners choose to use their profits to invest in their company. This could include buying new equipment, purchasing useful software, or whatever other expense you think is appropriate.
- Rewards that stack:If you have employees who require a business credit card, you can get an authorized credit card for users and the cash earned from the employee's spending will be transferred into your bank account.
- Organisation of expenditures:Chase offers simple integrations that let your purchases be synchronized with accounting software, such as QuickBooks®.
- Expensing employee expenses:If you have employees who spend money for business You can quickly find out what they're spending. In addition, by providing them with credit cards it will eliminate the hassle of having them write off receipts and receiving reimbursement.
Bottom line
The credit card market is becoming ever more competitive, it seems like Chase is pursuing small-scale business owners who want spending flexibility through its new Chase Ink Business Premier credit card.
The benefits of this card are impressive however, the annual cost is something to consider before making a decision. However, in the first year, if you've spent $20k, you will receive at the very least $400 cash back, and possibly an additional $1,000 as part of the welcome bonus. Even after paying the annual fee of $195 you'll still have $1,200.
Before you decide to use this card as a wallet option ensure you have your own plan to determine what it would be worth for your company.